If you want to own a car in Canada, car insurance is a requirement. How much you spend on coverage, however, depends on many factors, including any touching discounts that may be available.
It never hurts to talk to your insurance provider or broker about finding ways that you can make your coverage cheaper without compromising the protection you need.
Here are 8 things you can do that can result in a decrease in your auto plan premium:
- Install Alarm system System
If your car doesn’t currently have anti-theft tools, including one that can make your insurance more affordable. The reason is pretty self-explanatory: the lower risk of your car being taken equals the reduced chance you’ll have to get an insurance claim under your plan.
- Remove High Risk Drivers from Your Package
Everyone needs auto insurance, but not everyone is seen as equal by insurance providers. Newer drivers and those with poor driving documents are usually more expensive to cover, and they may be considered high-risk drivers by insurance providers. Review your options for providing self, separate insurance or ask your insurance provider how to lower risk and premium rates. For example, novice drivers must enroll in a risk-free driving course.
- Choose a Car Model That Is Much Preferred
Luxury vehicles may make others envious. They are also targets for thieves. Insurance providers know this, which is why it is more expensive to insure a frequently taken model. Older cars may also be less expensive to underwrite as repairs are much less expensive. Newer cars have more modern elements that are more difficult and expensive to repair, stand out at a higher cost of claims.
- Bundle Your Car and Home Insurance
Insurance providers and brokers want as much of your business as possible. So you can get a better rate if you buy a bundle consisting of multiple plans. It’s not uncommon for individuals to integrate home and auto insurance for a lot less than the cost of the same coverage through separate insurance providers.
- Limit How Much You Have
Sometimes, much less is more. In this situation, driving a lot less will help you save more money. In addition, less time while driving means reducing your risk of having an accident. If you only use the car occasionally, tell your insurance provider that you want your vehicle category listed as “periodic” or “enjoyment” rather than “travel.” Also, let the company know if your vehicle is for seasonal use. For example, the RV or motorcycle you just got in the summer. That can widen your options for less expensive coverage.
- Use Your Link
Often, professional and alumni organizations can be entry points to cheaper auto insurance. Check if your insurance provider offers unique rates for certain teams.
- Ask About Unique Discounts
While they may not promote it, most insurance providers offer their customers a variety of discount options. In certain circumstances, you may wish to enroll in a usage-based insurance program, or if your vehicle has assisted driving technology features such as lane separation alerts or collision avoidance systems, your insurance provider may lower your premium. Talk to your broker or insurance provider to see if there are other ways you can demonstrate that you deserve a discount.
- Shop About for the Most Affordable Rates
Whether your auto insurance coverage is for revival or otherwise, it never hurts to compare plans and prices from various insurance providers to see if there are cheaper options available.
